banks index added 1.6% in early trading, outperforming the benchmark index.
"We heard a lot of banks talk about the stresses in the system earlier this year," said Randy Frederick, managing director of trading and derivatives,"But clearly, higher rates have allowed them to widen the gap between what they pay and what they charge and it's been reflected in earnings.") was subdued after the lender's quarterly profit tumbled 36% as weakness in the bank's trading business blunted gains from its personal banking and wealth management unit.
Leading gains on the Dow, UnitedHealth Group jumped 4.9% after the health insurer reported a quarterly profit above analysts' estimates, as the industry bellwether's expenses came in lower than feared.
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